Feltl and Company initiated coverage on Limoneira (NASDAQ: LMNR) with a Strong Buy rating and a $30.56 price target.

Feltl and Company said, "LMNR is positioned for a significant long-term transformation as it will soon (2014) start to develop and sell some of its extensive Southern California real estate and begin a long-term substantial build of its Agribusiness production acres elsewhere. Essentially, LMNR will convert agricultural land in Ventura and Santa Barbara counties into development property to be sold at high values and use the proceeds from these sales to buy much more land at much lower per acre prices with similar agriculture productivity in or near Tulare County (north of Bakersfield)."